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SWIFT ENERGY COMPANY NEWSSWIFT ENERGY REPORTS NEW ZEALAND OIL AND GAS DISCOVERYHOUSTON, December 21, 1999 - Swift Energy Company (NYSE, PCX: SFY) announced today that its New Zealand subsidiary has production tested the Rimu-A1 well in the onshore Taranaki Basin in New Zealand. The well tested at rates up to 1,525 barrels of 44 degree API gravity crude oil and 4.8 million cubic feet of natural gas per day with no measurable water. The test was obtained on a 32/64-inch choke with flowing tubing pressure of 1,370 psi after approximately six hours of testing. The test was through perforations at depths from 3,607 meters (11,831 feet) to 3,647 meters (11,962 feet) in the Tariki sandstone formation, with a measured bottom hole pressure of 5,283 psi. The calculated gas/oil ratio is approximately 3,000 cubic feet per barrel.
Swift Energy New Zealand Ltd., as operator, completed the drilling of the Rimu-A1 in October of this year. Swift Energy New Zealand holds a 90% interest in the permit on which this well was drilled, which covers 100,652 net acres extending both onshore and offshore on the western coast of the northern island of New Zealand. Antrim Oil & Gas, Ltd., a wholly owned subsidiary of Calgary-based Antrim Energy, Inc., and Marabella Enterprises Ltd., a subsidiary of Brisbane-based Bligh Oil and Minerals Ltd., each hold a 5% interest. Swift Energy and its partners will continue to production test the Tariki formation in the Rimu-A1 well and have already initiated additional seismic data acquisition and analysis of the permit area to determine development plans for the discovery. Other lower intervals encountered in drilling the well were tested and determined to be noncommercial at this well location. Speaking of the test results, A. Earl Swift, Chairman and Chief Executive Officer, said, “We at Swift Energy are extremely excited about the results of this well. This exploratory success is an example of our Company’s discipline to establish a strategy and adhere to its implementation. Over the past four years Swift Energy has made efforts to expand its areas of operations through an extended exploration program both domestically and internationally. We think this success is only one example of results to be accomplished from that strategy in the future.” Founded in 1979, Swift Energy Company is an independent oil and gas company engaged in the exploration, development, acquisition and operation of oil and gas properties with headquarters in Houston, Texas. This material includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. The opinions, forecasts, projections, or other statements other than statements of historical fact, are forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable; it can give no assurance that such expectations will prove to have been correct. Certain risks and uncertainties inherent in the Company’s business are set forth in the filings of the Company with the Securities and Exchange Commission. 16825 Northchase Drive, Suite 400, Houston, Texas 77060
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This page was last updated on Wednesday, January 19, 2005, at 01:09:46 PM. Copyright © 1994-2008 by Swift Energy Company. |
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